The 2012 Asian Challenge Cup, also known as the Nikon Asian Challenge Cup 2012, is the annual football event held in Hong Kong during Lunar New Year. The name of this event was changed from the Lunar New Year Cup to the Asian Challenge Cup in 2011.
| Team | Country | League last season | Pos. | |
|---|---|---|---|---|
| South China | First Division | 2nd | ||
| Guangzhou R&F | League One | 2nd | ||
| Shimizu S-Pulse | J. League | 10th | ||
| Seongnam Ilhwa Chunma | K-League | 10th |
Manager: 
Ján Kocian
Manager: 
Sérgio Farias[2]
Manager: 
Afshin Ghotbi
Manager: 
Shin Tae-yong